TCP Friendly Rate Control (TFRC) has been widely used in the Internet multimedia streaming applications. However, performance of traditional TFRC algorithm degrades significantly when deployed over wireless networks. Although numerous TFRC variants have been proposed to improve the performance of TFRC over wireless networks, designing a TFRC algorithm with graceful performance both in throughput and fairness still remains a great challenge. In this paper, a novel TFRC algorithm, named TFRC-FIT, is proposed to improve the performance of TFRC over wireless environments. In the proposed approach, the behavior of multiple TFRC flows is simulated in single connection, while the number of simulated flows is adjusted by the network queuing delay. Through this mechanism, TFRC-FIT can fully utilize the capacity of wireless networks, while maintaining good fairness and TCP friendliness. Both theoretical analysis and extensive experiments over hardware network emulator, Planetlab test bed as well as commercial 3G wireless networks are carried out to characterize and validate the performance of our proposed approach.